Effective residential property management requires professionals who control expenses while maintaining your property in the best physical condition commensurate with your long-term investment policies.
Our account representatives know the entire financial picture of a property, unlike companies that are departmentalized. They can provide prompt responses to all requests for information about paid and unpaid invoices, residents’ status and history, account and investment balances, payroll and other components of the financial report.
From the start of each management assignment, Matthew Adam Properties conducts a comprehensive analysis of the financial support services required to achieve the maximum revenues for your property. Once that analysis is complete, specific goals are set for each area of service.
Senior-level financial specialists review maintenance billing, direct payments and check issuance, while serving as another level of scrutiny related to all accounting functions for your property.
Careful Budgeting Guides Your Property’s Growth
The annual budget sets the financial and operational plan for a property. Its preparation requires a full understanding of required capital improvements, price fluctuations, contract expirations and a myriad of other factors. To facilitate the process, our experienced financial staff works with your account representative and the board treasurer to develop a budget that meets the operational goals of the board while keeping a long-term perspective for future improvements. Keeping within the budget is of prime importance and we carefully monitor it throughout the year, reporting budget variances as they occur.
Accurate and Timely Financial Reports
Our comprehensive monthly financial reports are noted for being easy-to-understand. They include comparisons of current and year-to-date expenditures and revenues against the budget lines. The reports contain a statement of collections and disbursements, copies of paid bills and a list of payables. Disbursements are listed by date, check number and invoice. A payroll register is also included along with a cash journal and the status of shareholder or unit-owner accounts. Interim status reports can be provided as needed.
Maintenance Collections Are Complete
Matthew Adam Properties uses its best efforts to collect all monthly charges in the first week of each month, or as they become due. When payments are in arrears, we follow the board’s policies on collections, taking into account hardship situations. We also work with the board to see if improvements can be made in the system to increase collection promptness and reduce legal disputes.